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Title of Slide to go Here Subtitle to go here AFRICAN CENTER FOR ECONOMIC TRANSFORMATION Background AFRICAN CENTER FOR ECONOMIC TRANSFORMATION Petroleum Offshore oil reserves in Ghana were discovered in the 1970s, but negligible quantities. Commercial quantities of discovered in 2007 and reported to contain up to 3 billion barrels (480,000,000 m 3 ). First Oil was produced in December 2010 Major oil & gas contractors include Tullow Ghana, Kosmos Energy, ENI and Hess Ghana Limited. 4

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Title of Slide to go Here Subtitle to go here AFRICAN CENTER FOR ECONOMIC TRANSFORMATION Mining: Governance Institutions 10 a.The Executive and Ministries it directly controls; b.The Legislature; c.“Autonomous” public institutions; d.Traditional Authorities; e.Private (Non-governmental) Organizations The governance of the sector is largely limited to regulations and ensuring that the developmental benefits of mining are maximized, without active state participation.